It’s a new year and a new you. Now could be a great time for you to consider debt consolidation so you can leave your old debt behind.
If you have multiple credit cards or just one credit card that you can never seem to get on top of, then debt consolidation might be just the thing you need.
With Credit card debt, if you repay the minimum amount on your bill each month then chances are you will have the whole debt repaid in 30-40 years! Yes, that’s what I said, longer than a home loan, and that’s assuming you don’t use the Credit Card for any future purchases.
So one way to get rid of the Credit Card, or at least lower the limit to something you can easily manage is to pay out the credit card with a personal loan.
A personal loan has an end date, up to 7 years although you can make it shorter and generally the interest charged is less than a credit card.
The benefit is, the loan/debt is repaid within a shorter time frame, you’re unable to continue spending the limit and you’ll pay much less in interest over time.
There are some things to consider. For example if you keep the credit card, or don’t lower the limit at least, then you’ll be worse off than when you started. I’d also recommend looking at all your banking because if your Credit card has an interest free period or you have another loan with higher debt you might need to consolidate the loans differently.
Depending on your Credit Score I can get you a nice low rate, for an unsecured loan to help you consolidate so make sure you contact me today to discuss.